Tag: HBOS

So, the Government/Bank of England lent £61,000,000,000 to prop up the Scottish banks last year and didn’t think we should know about it. It didn’t appear with any clarity in the accounts, and I’ve just been listening to “Lord” Myners, Gordon Brown’s “Treasury Minister” defending this on Today, saying that “…no retail bank customers lost out.” So that’s alright then?

As usual, he was let off lightly. The Bank of England is publishing cooked books, and the justification is that it’s for the greater good. What I’d like to know is: what’s the point of publishing accounts if they’re deliberately misleading? Or more accurately, dishonest.

The government seems to think it’s okay to lie to us whenever it feels that we’re better off not knowing something. And you can hardly call £61,000,000,000 a trivial issue that’s easily overlooked by mistake, can you? Well perhaps it is to Gordon Brown and his banking mates. No wonder they fail to see any problems with their expense claims.

According to Myners, the board of Lloyds was made aware of the loan at the time they were merging with HBOS in those murky circumstances. So what? Lloyd’s isn’t owned by the board – the Lloyds shareholders had every right to know, but they decided to keep quiet about it. They were tricked into voting for a merger with a bank that was only propped up by a massive secret loan.

Paul Myners is, of course, a New Labour Lord, given a peerage by Gordon Brown after donating £12,700 towards his leadership campaign in 2008. He hasn’t been elected by anyone other than the Labour Leadership.

The fundamental issue here is that if any company published cooked books, concealing a £61,000,000,000 transaction, they’d have the serious fraud office all over them – and rightly so. This government, on the other hand, thinks it knows best and will only tell us what it thinks we should know. Sounds familiar?

Of course, plenty of people must have known about it and kept quiet. So why has the news come out now? Presumably someone was about to spill the beans and they’ve published as the least-worst option.